NJ Pension Losses At Lehman Continue To Stir Controversy

Follow the money, right? Well, when you start to do that in this case something seems a little, well – off key.

The story begins in the Spring of 2008. New Jersey invests $182 million of state pension money into an ailing Lehman Bros. Four months later, the investment house fails and NJ losses $118 of that investment. As one Republican told me, the only two entities to invest in Lehman at that time ( while its stock price was plummeting ) was NJ and the government of South Korea.

anyhoo…the state then proceeds to sue Lehman to recoup the money ( I know, right?!! get in line ), but that’s not the scandalous part of this story.

Apparently three members of the Investment council who were appointed by the Governor, then reappointed earlier this year had ties to Lehman when that decision was made. Each of them either worked or had worked for the investment giant.

Their re-appointments must be approved by the Senate Judiciary Committee and ultimately the full Senate. So, Republicans on the committee have asked to interview them publicly. “No,” says Paul Sarlo, the Chairman of the Judiciary Committee. There are too many appointments that need to be considered…and besides, The Investment Council doesn’t make any decisions related to investing state pension funds, the Division of Investment does.

Apparently the council’s job is only to help set policy. But the fact that they have no role differs slightly from what Treasury Department Spokesman Tom Vincz says which is that all three members “recused themselves” when it came to the decision about the Lehman investments.

So, which is it?

To be fair, the $118 million is only a fraction of the state’s $60 billion pension fund. But that’s still a lot of money.

Doesn’t this whole affair remind you slightly of the plot to that 1995 Scorsese film “Casino.” Just without all the murder, drugs and mob ties…or none that we know of.

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The pension money was stolen from the State workers private savings account. Private profiteers continue to gouge the fund instead of putting it back with all those profits they wrongfully took for themselves. Governor Christie should be punished for supporting the Republican criminals and aiding and abetting in cover up of this crime.He is supposed to balance the budget by putting into the system not just wrongfully cutting and breaking government. Who made money on the Iraq war? Privates at the expense of the public causing a humagous deficit.When the government was big, we were prosperous. China, a communist country, is prosperous we owe them

The public tax payers are being lied to by the Governor. I don’t think the Governor is getting the message it’s those mouths waving to cut the pensions that are the criminals not the workers who built it.What is he teaching his son.Immoral behavior. He is one big one that needs to suffer, because he did not get us back our stolen money with exhorbitant profits so we can reap the rewards and luxerious life of this termendous gold brick savings we took pains to build instaed of the private sector crooks who stole it. Balacing the budget involves building prosperity and incomes, so people can spend and support the government be stronger as a State. This Governor and the Republicans mostly are half cocked when they shout some falsehood that we will all become prosperous if we get rid of the government. They the Republican criminals get rich on this system and they drain the government and hope to break it so they can get away with these crimes.

The Governor and the Republicans need to be tortured for treason and terrorism. Throw in the Dems who prospered too insurance companies guarteed profits and now healthcare of government employees forced rip off. Too bad NJN can’t show us scenes of the governor and the republican voters getting abused how people feel about them for their filty words of abuse against us our government.We would get great pleasure in seeing them suffer for what they did to us.

In an arabic country they would be beheaded and in China sentenced to death immediately like two weeks. Best that they got out of here fast. You OWE US no matter what and we must collect and punish the thieves. Never forget and never give in, just attack back with blinders like them, and defend yourselves with fight.Our money was stolen, our money was stolen, our money was stolen!

Taxpayers burnt up about the deficit, take it out on the politicians who ordered the heist and refused to go after the crooks. They are living it up high on the hog laughing off our hard earned money.Christie wants to break contracts and steal more money from the government and protect the private rich crooks. Why is he in a government job with this behavior?? What fools we are that don’t see through this crime and treat it as such.We would have more unity amongst decent people instead of these serious divisions.